WED AUG 14 2024-theGBJournal| Activities in the FGN bond secondary market were bullish Wednesday, as the average yield dipped by 4bps to 19.6%.
Across the benchmark curve, the average yield declined at the short (-2bps) and mid (-13bps) segments due to buying interests in the MAR-2025 (-13bps) and FEB-2031 (-30bps) bonds, respectively, but was unchanged at the long end.
Bullish sentiments persisted in the T-bills secondary market, as the average yield contracted by 9bps to 25.5%.
Across the curve, the average yield declined at the short (-1bp), mid (-4bps), and long (-17bps) segments, driven by participants’ demand for the 86DTM (-2bps), 177DTM (-17bps), and 191DTM (-67bps) bills, respectively.
Similarly, the average yield contracted by 46bps to 26.2% in the OMO segment.
The overnight lending rate contracted by 192bps to 35.1%, in the absence of any significant inflows into the system.
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